- What is Litecoin?
- Litecoin was founded in 2011 by former Google engineer Charlie Lee, announcing the birth of Litecoin. The official website of Litecoin said: Litecoin is a supplement to Bitcoin, and the goal is to become the "gold" of Bitcoin.
- The main goal of Litecoin is to create a digital cryptocurrency based on blockchain “peer-to-peer technology”. It is inspired by Bitcoin technology to solve the problems of Bitcoin technology based on Bitcoin technology, especially the slow transmission speed of transactions. The problem, a chestnut: Bitcoin just took about ten minutes to complete the transaction shortly after its launch. As the scale grows, it may take up to thirty minutes to complete the transaction.
- The mining of Litecoin is based on the Scrypt algorithm (an algorithm that conforms to the Pow workload consensus mechanism, uses more memory resources in the algorithm process, and needs to calculate the hash value) to increase the amount of Litecoin processing capability, so that Litecoin The supply is growing more steadily.
- The difference between Litecoin and Bitcoin.
- Transaction efficiency: Bitcoin uses the SHA256 algorithm to process a trading block in 10 minutes. The Litecoin uses the Scrypt hash algorithm, which can process a trading block every 2.5 minutes, which can improve transaction confirmation and save trading time.
- Total issuance: The total number of bitcoins is 21 million, and the total amount of Litecoin is four times that of Bitcoin, with a total of 84 million.
- Difficulties in mining: The more complex SHA256 algorithm used by Bitcoin requires a more advanced method for bitcoin mining. In contrast, the scrypt encryption algorithm used by Litecoin in its workload proof algorithm makes people The chances of digging to Litecoin on a regular computer will be higher.
- The future of Litecoin.
I often hear Bit Gold Wright’s statement that the visibility and credibility of Bitcoin in the blockchain market is significantly higher than that of Litecoin in terms of public acceptance. However, Litecoin is more liquid. The advantages of more efficient trading, and making it one of the most widely used digital cryptocurrencies, can become a support and supplement for Bitcoin in the future.